Xerox rebuffs Deason’s board nomination plans

Head of games at Angry Birds firm goes after profit warning
March 2, 2018’s shares slide as investments, competition eat into profits
March 2, 2018
This post was originally published on this site

(Reuters) – Xerox Corp (XRX.N) said activist investor Darwin Deason does not have any right to nominate directors to the company’s board outside of the nomination window, following his attempt to nominate a full slate of directors.

FILE PHOTO: The logo of Xerox company is seen on a building in Minsk, Belarus, March 21, 2016. REUTERS/Vasily Fedosenko/File Photo

Deason had attempted to change the board following a lawsuit filed earlier this year as he and fellow shareholder Carl Icahn try to stop Japan’s Fujifilm Holdings Corp (4901.T) from taking over Xerox in a $6.1 billion deal.

The two investors, who control 15 percent of Xerox, argue the transaction dramatically undervalues the company and“disproportionately” favors Fuji.

Deason had said on Monday he has a right to nominate directors, despite missing a deadline, because the current board had made a series of significant decisions and disclosures to stockholders after the deadline.

A representative for Deason was not immediately available for comment outside regular business hours.

Reporting by Arjun Panchadar in Bengaluru; Editing by Anil D’Silva